makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 04.05.2010 TUESDAY

Tuesday, May 4, 2010

MARKET ENDED 04.05.2010 TUESDAY

WERE TODAYS GAINERS

MARKET ENDED 04.05.2010 TUESDAY

SENSEX 17137.14 -248.94

NIFTY 5148.50 -74.25

NASDAQ 2498.74 +37.55

DJIA 11151.83 +143.22

RS/$ 44.56 -00.12

Stock indices ended deep in the red Tuesday, as Europe’s sovereign debt issues continued to rock global markets. All the sectoral indices were in the red with high-beta sectors like metals and realty being worst hit.
The Indian market opened in the green taking cues from positive economic data from the US. However, the upmove lacked momentum and the benchmarks drifted lower as subdued Asian indices dampened sentiments. The sell-off intensified with negative opening of European markets.
According to dealers, traders seem to have pressed short sales as the indices slipped below crucial support levels. Volumes were also high towards the end of session, which is a worrying sign at least for short-term
If Nifty remains below 5150 levels (which is strong medium-term support), then a steep fall may take the index to 5040-4980 levels in coming days. Short-term traders are advised to remain light and avoid over-leveraged positions as indices are witnessing selling pressure on higher volumes.
National Stock Exchange’s Nifty closed at 5148.50 down 74.25 points or 1.42 per cent. The broader index touched a low of 5134.85 and high of 5250.15 in today’s trade.
Bombay Stock Exchange’s Sensex ended at 17137.14, down 248.94 points or 1.43 per cent. The index touched intraday low of 17101.96 and high of 17464.82.
Both the BSE Midcap and Smallcap Indices ended 1.75 per cent lower.
Amongst the sectoral indices, BSE Metals Index was down 3.93 per cent, BSE Realty Index fell 2.76 per cent and BSE Capital Goods Index declined 1.69 per cent.
Tata Steel (-5.63%), Hindalco Industries (-5.58%), Sterlite Industries (-4.46%), SAIL (-4.39%) and Ambuja Cement (-3.74%) led the Sensex decline.
HCL Tech (2.47%), PNB (0.50%), HDFC (0.41%) and Hero Honda (0.23%) were the only Nifty gainers.
Market breadth was negative on the BSE with 1,842 losers against 997 gainers.
European markets were in the negative territory as the economic woes continue. FTSE 100 was down 1.03 per cent, CAC 40 slipped 1.46 per cent and DAX moved 0.78 per cent lower. US markets are also likely to open in the red. At 4:30 pm, Dow Jones futures was down 0.40 per cent, S&P 500 fell 0.49 per cent and Nasdaq 100 slipped 0.49 per cent